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Loans Against Property (LAPs) are loans offered by banks and financial institutions after mortgaging freehold property, both residential and commercial. Because there is security (or mortgage) involved, this is considered a secure loan by the lender. It can be used for both personal and business purposes.
Upto 15 Years
Interest rates on loan against property range from 11.25 per cent to 13.75 per cent.
|1||Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)||Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)|
|2||Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)||Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)|
|3||Latest Salary-slips for 4 months||Certificate & Proof of business existence along with Business Profile|
|4||Form 16 for last 2 years||Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant|
|5||Last 6 months Bank Statements(salary account)||Last 12 months Bank Account Statements (self & business)|
|6||Processing Fee Cheque in favour of bank.||Processing Fee Cheque in favour of bank.|
|7||Photocopy of Title Documents of the Property, Approved Plan Copy etc.||Photocopy of Title Documents of the Property, Approved Plan Copy etc.|
|8||Any other documents as requested for by the respective Financial Institution||Any other documents as requested for by the respective Financial Institution|
The loan to value ratio (LTV) tells you how much of a property is being financed. The LTV criteria are different for residential and commercial property, as mentioned below:-
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